Northbrook, IL 60062 -- (SBWIRE) -- 02/08/2023 -- Agriculture IoT market is estimated to grow from USD 11.4 billion in 2021 to USD 18.1 billion by 2026 at a CAGR of 9.8% during 2021–2026.
The growth of the agriculture IoT market is driven by factors such as increasing adoption of the Internet of Things (IoT) and artificial intelligence (AI) by farmers and growers, growing focus on livestock monitoring and disease detection, high demand for fresh produce, population growth, loss of arable land, surging adoption of aquaculture monitoring and feed optimization devices in developing countries, and strong government support for precision farming practices.
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The agriculture IoT market includes key companies such as Deere & Company (US), Trimble Inc. (US), Raven Industries (US), DeLaval (a subsidiary of Tetra Laval International, S.A.) (Sweden), AKVA group (Norway), Topcon Positioning Systems (US), AgJunction (US), Allflex (Subsidiary of Merck & Co., Inc.), Ponsse (Finland), Komatsu Forest AB (Sweden), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), TeeJet Technologies (US), DICKEY-john (US), AG Leader Technology (US), DJI (US), AgEagle (US), Afimilk (Israel), PrecisionHawk (US), and Eruvaka Technologies (India).
APAC is projected to register the highest CAGR growth during the forecast period
APAC is likely to be the fastest-growing agriculture IoT market during the forecast period. Agriculture IoT techniques are expected to be adopted at a high rate in APAC. This region consists of emerging countries such as India, China, and countries in South East Asia. Rapidly growing population, availability of arable land, and strong government support for farmers through subsidies in these regions are the major factors driving the adoption of agriculture IoT technologies in APAC.
Precision aquaculture application segment to register higher CAGR during the forecast period
The precision aquaculture application segment is projected to register the higher CAGR during the forecast period, by application. Increasing demand for real-time tracking of fishing activity is the major reason behind the high growth of the agriculture IoT market in aquaculture farm monitoring applications. Additionally, increasing government support worldwide for freshwater aquaculture production, and growing investments in technological research and product innovations to further boost the demand for the market.
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Small farm segment is expected to witness higher CAGR growth during the forecast period
The agriculture IoT market for the small farm segment is projected to register the higher CAGR during the forecast period, by farm size. Small farms are expected to adopt automation and other advanced technologies at the highest rate in the coming years due to the reducing cost of farm automation equipment and advancements in technology that make it more feasible to deploy automation tools even on smaller farms to achieve high returns on investments.
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